Amendment to Warrant Transaction Agreement between Penn Virginia Corporation and Wachovia Bank, NA
This amendment updates the terms of a warrant transaction between Penn Virginia Corporation and Wachovia Bank, NA, acting through Wachovia Capital Markets, LLC. The changes include adjusting the number of warrants to 896,103, setting the premium at $4,092,143.96, and increasing the maximum amount referenced in the agreement. All other terms of the original agreement remain unchanged. The amendment becomes effective upon signing by both parties and is governed by New York law.
Exhibit 10.11
Wachovia Capital Markets LLC
201 South College Street
Charlotte, NC 28288
Attention: Equity Derivatives
Telephone No.: (212) ###-###-####
Facsimile No: (212) ###-###-####
December 3, 2007
Penn Virginia Corporation
Three Radnor Corporate Center, Suite 300
100 Matsonford Road
Radnor, PA 19087
Attention: Frank Pici
Vice President & CFO
| Re: | Warrant Transaction Amendment |
Penn Virginia Corporation (the “Company”) and Wachovia Bank, National Association (“Dealer”), acting through the agency of Wachovia Capital Markets, LLC (the “Agent”), have entered into a confirmation dated November 29, 2007 (the “Confirmation”) relating to Warrants on shares of common stock, par value USD 0.01, of the Company, issued by Company to Dealer. This letter agreement (this “Amendment”) amends the terms and conditions of the Transaction (the “Transaction”) evidenced by the Confirmation.
Upon the effectiveness of this Amendment, all references in the Confirmation to the “Transaction” will be deemed to be to the Transaction as amended hereby. Capitalized terms used herein without definition shall have the meanings assigned to them in the Confirmation.
| 1. | Amendments. The Confirmation is hereby amended as follows: |
| a. | Number of Warrants. The “Number of Warrants” shall be “896,103”. |
| b. | Premium. The “Premium” shall be “USD 4,092,143.96”. |
| c. | Maximum Amount. The number “2,340,000” set forth in Section 9(k)(i) of the Confirmation is hereby replaced with the number “2,690,000”. |
| 2. | Effectiveness. This Amendment shall become effective upon execution by the parties hereto. |
| 3. | No Additional Amendments or Waivers. Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation shall remain and continue in full force and effect and are hereby confirmed in all respects. |
| 4. | Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if all of the signatures thereto and hereto were upon the same instrument. |
| 5. | Governing Law. The provisions of this Amendment shall be governed by New York law (without reference to choice of law doctrine). |
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Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this Amendment and returning it in the manner indicated in the attached cover letter.
| Very truly yours, | ||||||||
| WACHOVIA CAPITAL MARKETS, LLC, ASSOCIATION | WACHOVIA BANK, NATIONAL | |||||||
| acting solely in its capacity as Agent of Wachovia Bank, National Association | By: Wachovia Capital Markets, LLC, acting solely in its capacity as its Agent | |||||||
| By: | /s/ Cathleen Burke | By: | /s/ Cathleen Burke | |||||
| Name: | Cathleen Burke | Name: | Cathleen Burke | |||||
| Title: | Managing Director | Title: | Managing Director | |||||
| Confirmed as of the date first above written: | ||
| Penn Virginia Corporation | ||
| By: | /s/ Nancy M. Snyder | |
| Name: | Nancy M. Snyder | |
| Title: | Executive Vice President, General Counsel and Corporate Secretary | |
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